TCRLA_Public/140120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, January 20, 2014, Vol. 15, No. 13


                            Headlines



A R G E N T I N A

ALBANESI GAS CLASE 01: Moody's Upgrades CP Rating to B3
BANCO PIANO SERIE XXXIV: Moody's Rates ARS3.6-Mil. Certificates B3
EDENOR S.A.: Evaluating Impact of Agencies' Resolutions


B E R M U D A

CONYERS & ASSOCIATES: To Voluntarily Liquidate Firm, Cease Ops.


B O L I V I A

BANCO FORTALEZA: Moody's Rates Bs.70-Million Debt Issuance B2


C A Y M A N  I S L A N D S

BEHRINGER HARVARD: Shareholders Receive Wind-Up Report
CABLE (DFS 2003-1): Shareholder Receives Wind-Up Report
CABLE (DFS 2003-2): Shareholder Receives Wind-Up Report
CRAFT 2010-3: Shareholder Receives Wind-Up Report
NICCO INVESTMENT: Shareholders Receive Wind-Up Report

OSV GLOBAL: Shareholders Receive Wind-Up Report
PORTFOLIO GW: Shareholders Receive Wind-Up Report
PORTLAND INDIA INC: Shareholders Receive Wind-Up Report
PORTLAND INDIA LTD: Shareholders Receive Wind-Up Report
REDSKIN FINANCIAL: Shareholders Receive Wind-Up Report

TATICA MULTI-STRATEGY: Shareholder Receives Wind-Up Report
TREND GLOBAL: Shareholders Receive Wind-Up Report
TREND GLOBAL SELECT: Shareholders Receive Wind-Up Report
WILLER STRATEGIES: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Economy Grew 4.1% in 2013, Says Banker


J A M A I C A

JAMAICA: Parliament Committee to Review Proposed Bankruptcy Law
* JAMAICA: Manufacturers Concerned About Hike in Bank Charges


P U E R T O   R I C O

TRILITO INC: Files for Chapter 11 in Puerto Rico


X X X X X X X X X

* Moody's Says Performance of Some Lat-Am ABS Deals to Remain Weak
BOND PRICING: For the Week From Jan. 13 to Jan. 17, 2014


                            - - - - -


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A R G E N T I N A
=================


ALBANESI GAS CLASE 01: Moody's Upgrades CP Rating to B3
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
upgraded the ratings of the Class B Debt Securities (VRDB) and the
subordinated certificates of Fideicomiso Financiero Albanesi Gas
Clase 01.

Issuer: Fideicomiso Financiero Albanesi Gas Clase 01

VRDB, Upgraded to A1.ar (sf); previously on Aug 1, 2012 Upgraded
to Baa2.ar (sf)

VRDB, Upgraded to B2 (sf); previously on Aug 1, 2012 Upgraded to
B3 (sf)

CP, Upgraded to Baa1.ar (sf); previously on Aug 1, 2012 Upgraded
to Ba2.ar (sf)

CP, Upgraded to B3 (sf); previously on Aug 1, 2012 Upgraded to
Caa1 (sf)

RATINGS RATIONALE

The upgrade reflects the sound performance of the transaction and
the increase in current credit enhancement levels due to the turbo
sequential structure that captures all collections to pay down the
notes. Overcollateralization levels have increased to 82.06% from
21.16% for the VRDB and from 0% to 60.07% for the CP.
Overcollateralization levels were calculated using the net present
value of the expected cash flows discounted at 24.81%, the
discount rate settled in the transaction documents, and the same
rate used to calculate the original overcollateralization levels.

In Moody's opinion, the current ratings reflect the likelihood of
changes in the gas industry's legal framework in Argentina, which
is highly regulated. In addition, the ratings reflect some degree
of linkage of the transaction to the performance of Rafael
Albanesi, the transaction's technical operator.

Moody's rating of the subordinated certificates (CP) addresses
only the repayment of principal by legal final; the ratings of the
CP do not address the repayment of residual cash flows.

The debt securities and the subordinated certificates are backed
by certain fixed amounts payable by several Argentine companies
under take-or-pay gas transmission agreements with Rafael G.
Albanesi S.A. (RGA), a gas broker located in Argentina.

Factors that would lead to an upgrade or downgrade of the rating

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels of the securitized contracts and a
deterioration of the credit quality of the technical operator.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis

In order to determine the new rating levels, Moody's ran the
original cash flow model using the updated credit estimates (or,
when available, the actual ratings levels) of each of the
Argentine companies obligated to pay into the trust account. The
updated model uses the current balance of the debt securities and
of the certificates and assumes that the interest rate on the
rated debt is at its cap. Moody's also considered the accrued
interest of Class B debt securities. Moody's cash flow model
simulates the transaction cash flows on a contract-by-contract
basis, and stresses the cash flow using separated discrete
distributions (default or no default) based on the probability of
default associated with the ratings or credit estimates of the
each of the nineteen obligors. The model applies the stressed cash
flow to the transaction waterfall as established in the
transactions documents. Finally, Moody's calculated the expected
loss for each of the classes to determine the new ratings.

Stress Scenarios

Moody's run a sensitivity analysis by assuming that the obligors
with credit estimates that comprise 30% of the pool's outstanding
amount would default with a probability consistent with Caa1 and
Caa2 ratings. For both scenarios the ratings are still consistent
with the new assigned rating levels.


BANCO PIANO SERIE XXXIV: Moody's Rates ARS3.6-Mil. Certificates B3
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Banco Piano Serie XXXIV, a transaction that
will be issued by Banco Patagonia -- acting solely in its capacity
as Issuer and Trustee.


As of Jan. 16, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

-  ARS140,509,875 in Class A Floating Rate Debt Securities of "
Fideicomiso Financiero Banco Piano Serie XXXIV, ", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS18,014,087 in Class B Floating Rate Debt Securities of "
Fideicomiso Financiero Banco Piano Serie XXXIV, ", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS18,014,087 in Class C Fixed Rate Debt Securities of "
Fideicomiso Financiero Banco Piano Serie XXXIV, ", rated Ba2.ar
(sf) (Argentine National Scale) and Caa1 (sf) (Global Scale, Local
Currency)

- ARS3,602,817 in Certificates of " Fideicomiso Financiero Banco
Piano Serie XXXIV, ", rated B3.ar (sf) (Argentine National Scale)
and Caa2 (sf) (Global Scale, Local Currency)

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 22,743 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Piano, in an aggregate amount of ARS 180,140,865.86.

These personal loans are granted mainly to pensioners that receive
their monthly pensions from ANSES (Argentina's National
Governmental Agency of Social Security - Administracion Nacional
de la Seguridad Social). Banco Piano is the payment agent entity
and automatically deducts the monthly loan installment directly
from the pensioner's account.

The pool also has a small percentage of loans granted to employees
of the National Government, using a "discount code" ("Codigo de
Descuento".) The "discount code" is an identifier granted by a
government-related entity that allows to deduct a personal loan's
installment directly from the borrowers' paycheck.

Overall credit enhancement is comprised of 22% of subordination
for the Class A Floating Rate Debt Securities, 12% for the Class B
and 2% for the Class C. In addition the transaction has various
reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES to pensioners.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Piano's
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
30% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of Piano's pools.
Servicer default was modeled by simulating the default of Banco
Piano as the servicer consistent with its current rating of
B3/A2.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.00% expected loss for the Class A
Floating Rate Debt Securities, 1.00% for the Class B Floating Rate
Debt Securities, 11.19% for the Class C Fixed Rate Debt Securities
and 20.24% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Piano is removed as servicer, Banco
Patagonia will be appointed as the back-up servicer.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 2% from
the base case scenario for the pool (i.e., mean of 4.5% and a
coefficient of variation of 50%), the ratings of the Class B
Floating Rate Debt Securities, Class C Fixed Rate Debt Securities
and the Certificates would likely be downgraded to B3 (sf), Caa2
(sf) and Ca (sf) respectively. The ratings of the Class A Floating
Rate debt securities would be unchanged.


EDENOR S.A.: Evaluating Impact of Agencies' Resolutions
-------------------------------------------------------
EDENOR SA disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that Resolution 3/2014 passed
by Argentine National Planning, Public Investment and Services
Ministry was published in the Official Gazette, providing that any
investments to be made with funds deriving from the "Fondo para
Obras de Consolidacion y Expansion de Distribucion Electrica
(FOCEDE)" (Fund for Consolidation and Expansion Works of
Electricity Distribution) created by ENRE Resolution No. 347/2012,
will now be authorized by the Performance Coordination and Control
Undersecretariat of the Argentine National Planning, Public
Investment and Services Ministry, which will provide any necessary
instructions to the Trust Execution Committee created by said
resolution and to EDENOR, in its capacity as Trustor of said
Trust, in connection with the performance and completion of works
and investments under the FOCEDE.

On the same date, Resolution 1/2014 passed by the Ente Nacional
Regulador de la Electricidad (National Electricity Regulator) was
also published in the Official Gazette, imposing on the Company,
notwithstanding users' right to file any claims they may deem
proper under any other ground:

(i) payment of compensation to each Residential Tariff 1 user,
     based on the following scheme:

     AR$490 to users with power outage since 12/16/12 lasting for
     more than 12 to 24 uninterrupted hours, inclusive.

     AR$760 to users with power outage lasting for more than 24 up
     to 48 uninterrupted hours, inclusive.

     AR$870 to users with power outage lasting for more than 48
     uninterrupted hours, inclusive; and

(ii) A 100 percent increase in compensation to users who suffered
     power outage in 2010 and 2012.

The Company is analyzing the impact of said Resolutions, as well
as any available legal actions it may pursue.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72
billion in total assets, ARS 6.50 billion in total liabilities and
ARS 1.21 billion in total equity.


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B E R M U D A
=============


CONYERS & ASSOCIATES: To Voluntarily Liquidate Firm, Cease Ops.
---------------------------------------------------------------
The Royal Gazette reports that Conyers & Associates (C&A) will
close its doors at the start of March due to "personal
circumstances", a letter from President Charlita Saltus and
managing director Malcolm Sutherland told suppliers.

The letter said: "We the shareholders of Conyers & Associates Ltd
have made the decision to voluntarily liquidate the company and
will cease doing business on March 3 2013.  Although C&A Ltd was
very much a going concern, personal circumstances have led us to
this decision," according to The Royal Gazette.

The report notes that Mr. Sutherland, a 25-year veteran of the
profession in the Bermuda, said he would be moving back to the UK.

The report discloses that the letter to suppliers said public
notices formalizing the winding-up of the firm would be published
over the next few weeks.  It added: "Nevertheless, we wanted to
ensure that you were properly informed and had adequate time to
finalize any outstanding transactions," the report relays.



=============
B O L I V I A
=============


BANCO FORTALEZA: Moody's Rates Bs.70-Million Debt Issuance B2
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)B2 global local and foreign currency debt rating to
Banco Fortaleza S.A.'s senior multicurrency debt program of USD 30
million, and a B2 global local currency debt rating to the first
expected issuance of Bs. 70 million, under the program. At the
same time, Moody's Latin America Agente de Calificacion de Riesgo
assigned a Aa3.bo local and foreign currency national scale debt
rating to the bank's debt program, and a Aa3.bo local currency
national scale debt rating to the first expected issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Fortaleza S.A.:

USD30 million senior debt program:

Global Local Currency Debt Rating: (P)B2, stable outlook

Global Foreign Currency Debt Rating: (P)B2, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aa3.bo, stable
outlook

Bolivia National Scale Foreign Currency Debt Rating: Aa3.bo,
stable outlook

First Bs. 70 million expected issuance:

Global Local Currency Debt Rating: B2, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aa3.bo, stable
outlook

RATINGS RATIONALE

Moody's explained that the local currency senior debt rating
derives from Fortaleza's B2 global local currency deposit rating.
Moody's also noted that seniority was taken into account in the
assignment of the debt ratings.

Moody's ratings reflect Fortaleza's efforts to increase its market
share in the Bolivian banking system by shifting its portfolio
mix, highly concentrated in microfinance loans, towards small and
medium sized enterprises (SMEs). The ratings also capture
Fortaleza's modest delinquency level, which has been stable in
recent years although still higher than the banking system
average, and its conservative reserve coverage of problem loans.
The ratings also incorporate Fortaleza's robust capitalization,
stable liquidity ratios and adequate funding diversification, and
recognize Fortaleza's lagging profitability indicators as the
highly competitive environment and poor efficiency metrics impact
its earnings generation capacity.

Banco Fortaleza S.A. is headquartered in La Paz, Bolivia, and it
had assets of Bs. 1.55 billion and equity of Bs. 186 million as of
September 2013.



==========================
C A Y M A N  I S L A N D S
==========================


BEHRINGER HARVARD: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Behringer Harvard Cayman Ltd. received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CABLE (DFS 2003-1): Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Cable (DFS 2003-1) Limited received on Jan 3,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CABLE (DFS 2003-2): Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Cable (DFS 2003-2) Limited received on Jan 3,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT 2010-3: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Craft 2010-3, Ltd. received on Jan 3, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


NICCO INVESTMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Nicco Investment Limited received on Dec. 20,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


OSV GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of OSV Global Strategy Fund 2 Ltd. received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Jane Fleming
          Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands


PORTFOLIO GW: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Portfolio GW Managed Account, Ltd. received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PORTLAND INDIA INC: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Portland India Select Business Portfolio Inc.
received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PORTLAND INDIA LTD: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Portland India Select Business Portfolio Ltd.
received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


REDSKIN FINANCIAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Redskin Financial Ltd. received on Nov. 29,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


TATICA MULTI-STRATEGY: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Tatica Multi-Strategy Fund Ltd. received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-8577


TREND GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Trend Global Investment Fund Ltd. received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hung Shen Hsui
          Wenhua N. Rd., Linkou Dist,
          New Taipei City 244
          Taiwan
          Telephone: +886-2-2600-8768
          Facsimile: +886-2-2608-6355


TREND GLOBAL SELECT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Trend Global Select Fund Ltd. received on
Dec. 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hung Shen Hsui
          No. 59, Aly. 13, Ln. 542, Sec 1
          Wenhua N. Rd., Linkou Dist,
          New Taipei City 244
          Taiwan
          Telephone: +886-2-2600-8768
          Facsimile: +886-2-2608-6355


WILLER STRATEGIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Willer Strategies Fund Limited received on
Dec. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


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D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Economy Grew 4.1% in 2013, Says Banker
------------------------------------------------------------
Dominican Today reports that Dominican Republic Central banker
Hector Valdez Albizu said Dominican Republic's economy grew 4.1%
in 2013, "well above projections by agencies such as the
International Monetary Fund (IMF) and ECLAC."

The report notes that Mr. Albizu said that the growth resulted
from fiscal and monetary policies combined.  The report relates
that Mr. Valdez predicts this year's economic growth of around
5.5%, "very close to the economy's potential and that's very
important since it puts us in a privileged position."

Mr. Valdez, the report relays, said agriculture grew 4.4%;
construction 7.3%; Free Zones 2.5%; hotels, bars and restaurants
6.3%, and financial services 10.5%.

The report discloses that the official said inflation was 3.88%;
international net reserves topped US$4.7 billion while foreign
investment totaled US$2.08 billion.

Mr. Valdez called the country's currency relatively stable while
unemployment stood at 15%, the report adds.


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J A M A I C A
=============


JAMAICA: Parliament Committee to Review Proposed Bankruptcy Law
---------------------------------------------------------------
Jamaica Gleaner reports that a joint select committee of
Parliament is to consider the new Bankruptcy and Insolvency Act,
which is intended to, among other things, provide for the
rehabilitation of an insolvent debtor.

The passage of the bill, which was tabled in the Senate just
before the Christmas break, is another requirement under Jamaica's
four-year Extended Fund Facility with the International Monetary
Fund, according to Jamaica Gleaner.

The report relates that senators Mark Golding, Norman Grant, Imani
Duncan-Price, Sophia Fraser-Binns, Alexander Williams and Nigel
Clarke will sit jointly with a panel named by the House of
Representatives to consider the bill.

The report notes that the Bankruptcy and Insolvency Act will
repeal the 1880 Bankruptcy Act, which was last amended 19 years
ago.

As part of the reformation, the new act is proposing that a
bankrupt who makes a fraudulent disposition of his property before
or after the date of the initial bankruptcy event, has committed
an offence and is liable to conviction before a Resident
Magistrate Court, to a fine of up to J$1 million, and/or up to one
year in jail, the report relates.


* JAMAICA: Manufacturers Concerned About Hike in Bank Charges
-------------------------------------------------------------
RJR News reports that the Jamaica Manufacturers Association (JMA)
is raising concern about the findings of a study which revealed a
sharp increase in service charges by commercial banks.

In an interim report to Parliament, the Bank of Jamaica said last
year commercial banks and other financial institutions made
several adjustments in fees and transaction charges, according to
RJR News.

Brian Pengelley, JMA President, responding to the revelation, told
RJR News that this was a troubling development, given the
implications for the private sector.  The report relates that Mr.
Pengelley said it will, among other things, adversely affect the
cost of doing business.

"Anything that is adding costs at this time . . . for
manufacturers is almost unacceptable.  We are all struggling to
produce effectively as a country, compete external, provide our
local consumers with value and all of these things just keep
adding up and adding costs to manufacturing in Jamaica and make us
even more uncompetitive," the report quoted Mr. Pengelley as
saying.

The report relays that the two major debt exchanges in Jamaica
resulted in a loss of earnings for the financial institutions and
Parliamentarians and others concerned about the hike in fees and
charges, believe this might have been a direct result of the drop
in earnings.


=====================
P U E R T O   R I C O
=====================


TRILITO INC: Files for Chapter 11 in Puerto Rico
------------------------------------------------
Trilito, Inc., filed a bare-bones Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 14-00173) in Old San Juan, Puerto Rico on
Jan. 14, 2014, without stating a reason.

San Juan, Puerto Rico-based Trilito, a Single Asset Real Estate as
defined in 11 U.S.C. Sec. 101(51B), estimated $10 million to $50
million in total assets and liabilities.  ScotiaBank has a $25.9
million claim, of which $25.6 million is secured by a first
mortgage on the Debtor's property.

The case is assigned to U.S. Bankruptcy Judge Mildred Caban
Flores.

Carlos Rodriguez Quesada, Esq., in San Juan, Puerto Rico,
represents the Debtor.  The Debtor has proposed to pay counsel
$250 per hour for the engagement.


=================
X X X X X X X X X
=================


* Moody's Says Performance of Some Lat-Am ABS Deals to Remain Weak
------------------------------------------------------------------
The credit quality of new transactions in Argentina, Brazil and
Mexico will be good in 2014, but performance of some existing
deals will remain weak, according to a new report from Moody's
Investors Service, "2014 Outlook -- Latin America Securitization."

In Argentina, the performance of new asset-backed securities (ABS)
transactions will benefit from tougher underwriting standards. In
Brazil, regulatory changes will reduce operational risk and
increase governance. In Mexico, improved underwriting processes
will boost the performance of Infonavit transactions, and upcoming
reforms to the public education system will lower operational risk
in FOVISSSTE residential mortgage-backed securities (RMBS)
transactions.

"In each country, however, some existing transactions will
continue to face challenges," says Moody's Senior Vice President
Maria Muller.

"In Argentina, the performance of new deals will be stronger
because originators, primarily banks, consumer finance companies
and home appliance stores, have tightened lending standards," says
Ms. Muller.

"However, delinquency rates will remain high for most vintage
deals of Argentine loans, particularly 2012 securitizations,"
cautions Ms. Muller. Performance in these pools will remain weak
because of the economic slowdown in the first half of 2012, the
impact of the high inflation rate on public employee salaries and
government austerity policies that delayed payment of some
salaries and benefits.

In Brazil, even though new regulations will apply to existing
transactions, the elimination of commingling risk and tightened
governance standards will not mitigate macroeconomic challenges.
Rising interest rates will raise the level of household debt and
increase the cost to refinance existing debt.

In Mexico, the credit quality of sofol transactions will continue
to be weak, despite strong performance of Infonavit and FOVISSSTE
deals. Challenges persist in the housing market. "Many low income
borrowers, stuck in suburban areas with few transportation or
public service options, simply abandoned their homes rather than
make their mortgage payments," explains Ms. Muller.

Mexico's recently approved fiscal reform bill could also increase
delinquencies among middle- and higher-income individuals, who
will be subject to higher income taxes and significant
restrictions and caps on tax deductions.

Finally, Moody's expects issuance levels to be higher in Argentina
and Brazil in 2014, but to remain low in Mexico. High inflation
rates in Argentina will spur issuance, with loan activity
increasing in particular for small and medium-sized enterprise,
infrastructure and dollar-linked investments. In Brazil, after a
period of adjustment to the new regulations during 2013, sponsors
and sellers will be able to better verify which transactions
comply with the new operational procedures and regulatory
standards. However, issuance in the Mexican securitization market
will remain low, similar to 2013 levels. "Infonavit and FOVISSSTE
will continue to lead RMBS issuance, although there will also be a
limited number of repackaged securities, future flows, auto loans
and construction loans in the ABS market," says Ms. Muller.


BOND PRICING: For the Week From Jan. 13 to Jan. 17, 2014
--------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Aguas Andinas SA               4.15    12/1/2026    CLP    69.55
Almendral
Telecomunicaciones SA          3.5    12/15/2014    CLP    22.19
Argentina Bocon                2      1/3/2016      ARS     9.05
Argentina Bocon                2      3/15/2014     ARS    13.8
Argentina Boden Bonds          2      9/30/2014     ARS    55.13
Argentine International Bond   7.82  12/31/2033     EUR    67.75
Argentine International Bond   7.82  12/31/2033     EUR    66.7
Argentine International Bond   8.28  12/31/2033     USD    67.5
Argentine International Bond   1.18  12/31/2038     ARS    42.26
Argentine International Bond   8.28  12/31/2033     USD    70.5
Argentine International Bond   7.82  12/31/2033     EUR    67.63
Argentine International Bond   8.28  12/31/2033     USD    71.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   0.45  12/31/2038     JPY    15.5
Argentine International Bond   8.28  12/31/2033     USD    69
Automotores Gildemeister SA    6.75  1/15/2023      USD    72.14
BA-CA Finance Cayman 2 Ltd     1.838                EUR    68.5
BCP Finance Co Ltd             5.543                EUR    50.75
BCP Finance Co Ltd             4.239                EUR    50.42
BES Finance Ltd                4.5                  EUR    71.17
Banco BPI SA/Cayman Islands    4.15  11/14/2035     EUR    57.38
Banco BVA SA                   9.125  2/7/2014      USD    10.01
Banif Finance Ltd              1.663                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    68.25
Bolivarian Republic
of Venezuela                   9.25   9/15/2027     USD    73.68
Bolivarian Republic of
Venezuela                      7      3/31/2038     USD    60.12
CA La Electricidad
de Caracas                     8.5    4/10/2018     USD    74.7
Caixa Geral De
Depositos Finance              1.064                EUR    41.14
Caixa Geral De
Depositos Finance              1.094                EUR    39
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    38.6
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    36.5
China Precious Metal
Resources Holdings Co Ltd      7.25     2/4/2018    HKD    69.78
Cia Cervecerias Unidas SA      4      12/1/2024     CLP    55.51
Cia Sud Americana
de Vapores SA                  6.4    10/1/2022     CLP    65.75
Transener S.A                  9.75   8/15/2021     USD    68
Transener S.A                  9.75   8/15/2021     USD    67.13
City of Buenos
Aires Argentina                3.95   5/17/2019     USD    73
ERB Hellas Cayman
ERB Hellas Cayman Islands Ltd  9      3/8/2019      EUR    56
ESFG International Ltd         5.753                EUR    59
Empresa Distribuidora
Y Comercializadora Norte       9.75  10/25/2022     USD    66.5
Empresa Distribuidora
Y Comercializadora Norte       10.5  10/9/2017      USD    64.5
Empresa Distribuidora
Y Comercializadora Norte        9.75 10/25/2022     USD    63.63
Formosa Province of Argentina   5     2/27/2022     USD    71.25
Gol Finance                     8.75                USD    67.5
Gol Finance                     8.75                USD    67.38
Hidili Industry International
Development Ltd                 8.6   11/4/2015     USD    75.63
Inversiones Alsacia SA          8     8/18/2018     USD    72.53
Inversora de Electrica
de Buenos Aires SA              6.5   9/26/2017     USD    43.75
MTR Corp Cayman Islands Ltd     3.25  3/12/2043     HKD    73.01
MTR Corp Cayman Islands Ltd     3.25  1/28/2043     HKD    72.13
Petroleos de Venezuela SA       6    11/15/2026     USD    55.75
Petroleos de Venezuela SA       5.37  4/12/2027     USD    53.25
Petroleos de Venezuela SA       5.25  4/12/2017     USD    72
Petroleos de Venezuela SA       9.75  5/17/2035     USD    70
Petroleos de Venezuela SA       9    11/17/2021     USD    73
Petroleos de Venezuela SA       5.5   4/12/2037     USD    50
Petroleos de Venezuela SA       6    11/15/2026     USD    55.16
Petroleos de Venezuela SA       9    11/17/2021     USD    71.46
Petroleos de Venezuela SA       9.75  5/17/2035     USD    68.66
Provincia del Chaco             4    11/4/2023      USD    62.38
Provincia del Chaco             4    12/4/2026      USD    33
Renhe Commercial Holdings
Co Ltd                         13    3/10/2016      USD    69.13
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
Renhe Commercial
Holdings Co Ltd                13    3/10/2016      USD    69.88
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
SMU SA                         7.75  2/8/2020       USD    73.03
SMU SA                         7.75  2/8/2020       USD    72.63
Sifco SA                      11.5   6/6/2016       USD    33.5
Talca Chillan Sociedad
Concesionaria SA               2.75 12/15/2019      CLP    55.64
Venezuela International Bond   7.75 10/13/2019      USD    71.75
Venezuela International Bond   9      5/7/2023      USD    70
Venezuela International Bond   9.375  1/13/2034     USD    69.75
Venezuela International Bond   7     12/1/2018      USD    73.75
Venezuela International Bond   9.25   5/7/2028      USD    69
Venezuela International Bond   8.25  10/13/2024     USD    66
Venezuela International Bond   7.65   4/21/2025     USD    64.25
Venezuela International Bond   6     12/9/2020      USD    64.25
Venezuela International Bond   9.25   9/15/2027     USD    72.25
Venezuela International Bond   7      3/31/2038     USD    60.5
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    67
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    66.45
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    65
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    65.13

                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-241-8200.


                   * * * End of Transmission * * *